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MUMBAI: Reliance Industries Ltd's subsidiary Indian Petrochemicals Corporation Ltd on Tuesday said it is seeking shareholders' approval for amalgamating its subsidiaries with itself. Pursuant to the order of the Ahmedabad and Gujarat High Court, the shareholders would give their nod to the scheme of amalgamation of Appollo Fibres, Central India Polyesters, India Polyfibres, Orissa Polyfibres, Silvassa Industries Pvt Ltd and Recron Synthetics with the company, at a meeting to be held on July 14, IPCL informed the Bombay Stock Exchange.

mumbai: global trade finance private has received nod from reserve bank of india to start forfeiting business, a discounting service for deferred credit receivables for exporters in the country. gtf, a joint venture of export import bank of india, international finance corporation and westlb of germany would provide forfaiting services suited for medium and long term credit, the company said in a release here on tuesday. the company would provide services to medium and small exporters to finance deals even below $2.5 lakh, release added.

NEW DELHI: The Supreme Court on Friday allowed leading Japanese pharma firm Daiichi Sankyo to go ahead with the public offer for an additional 20% stake in Zenotech Laboratories . It was scheduled to begin on July 15 and close on August 3.

the madras high court has directed the it company polaris software to seek shareholders approval to merge tip top holdings with itself. the shareholders meeting would be held on december 14 to consider the proposal, the company informed the bombay stock exchange on monday.

NEW DELHI: The Micro, Small and Medium Enterprise Development Bill, aimed at promotion and development of SME's, has been enacted after the President's nod. The act seeks to empower the Central Government to notify programmes, guidelines or instructions for facilitating the growth of SMEs, an official release said here on Friday. Micro, Small and Medium Enterprise Development Act would ensure timely and smooth flow of credit to SMEs, it said. The act would also empower state governments to keep SMEs, employing upto 50 people, out of the purview of labour laws, the release said adding that the move would help small enterprises to graduate to medium enterprises.

KOLKATA: Public sector UCO Bank, which has plans to float a follow-on-offer, has obtained the government nod for capital restructuring which would help the lender reduce its equity base. Bank CMD S K Goel told reporters here today that as the bank has a large capital base of around Rs 800 crore, it was not possible for float a follow-on-offer without capital restructuring. He said shares worth Rs 325 crore would be issued on preferential basis, while another Rs 300 crore of government equity would be converted into preference shares.

GANGTOK: The Sikkim Lokayukta Bill has got the presidential assent turning it into an act seeking to check corruption in the state, official sources said today. After the passage in Sikkim Assembly on 29 December, 2010, the bill was sent on the same day to the state governor who, in turn, forwarded it for presidential nod on 13 January, 2011. The bill got the signature of the then President Pratibha Patil on 16 July, 2012, nearly 20 months after it was passed in the state house.

Ranbaxy Laboratories Ltd, second-biggest drugmaker, received regulatory approval to sell its version of Pfizer Inc's blood pressure-lowering drug Norvasc in the US. The Indian company got permission from the Food and Drug Administration to sell tablets of amlodipine besylate, or generic Norvasc, in multiple dosages, Ranbaxy, based in Gurgaon near New Delhi, said on Tuesday in an e-mailed statement.

NEW DELHI: The Supreme Court on Friday allowed French firm Lafarge to continue mining operations in Meghalaya for extracting limestone to be used for making cement at its manufacturing plant in Bangladesh. Lafarge had challenged the order of Union ministry of environment and forests, issued in May, asking the company to stop work at quarries on the ground that mining was not permitted in forest areas.

NEW DELHI: The Gem and Jewellery Export Promotion Council said government's nod for advance remittance to import roughs from Russia is crucial now since licences allowing such imports are expiring on December 30. "We want government to allow advance remittance to the tune of $10m to import roughs from Russia as the licence given to Russian exporters of roughs is expiring later this month," Sanjay A Kothari, chairman of the council, said here....